Apex Credit Mgt... my debt has been wiped from my credit file

[elishas]

Hi all,

I took out a loan with Natwest bank in April 2009, later that year I defaulted on the loan & it was sent to Apex Credit Mgt with whom I set up an agreement with & have been paying each month an amount to clear the debt.

Last month this default disappeared from my credit expert profile, which I was extremely happy about. Now I'm thinking what are my options, if I reduce my direct debit amount each month, or even stop paying at all, what will happen? I currently pay £200 a month & still have around 12k left of debt (the original loan was for 20k with an enormous interest rate).

I know its not the right thing to do, but I'm currently trying to save for a deposit on a house & the extra money a month would come in handy. But what I wouldnt want is a court order or CCJ or anything to affect my credit file as after years & years its finally on a decent score.


Any advice appreciated. Ta

[FlamingParrot]

Re: Apex Credit Mgt... my debt has been wiped from my credit file

I've just seen this thread, I was away from LB when you posted it.

The default is supposed to stay in place for 6 years, the reason for its early disappearance could be because the debt has been sold to another DCA which will eventually re-record it under their name, however, it should still drop off in 2015 (should it reappear).

Sadly, because you took the loan in 2009, it's likely to be enforceable. If you stopped paying they could take you to court and get a CCJ. What you could do is try to offer them a lower monthly payment, £200 is a bit steep. You could send something like this, obviously saying you are trying to save up a deposit is probably best left out from the reasons. :thumb:

Was there any PPI on the loan?

Dear Sirs

Account Number: xyz

Since making our previous agreement with you, my circumstances have changed somewhat resulting in my not being able to continue with the agreement previously arranged.

I cannot afford the previously agreed monthly payments because [enter reasons]. In view of my current predicament, would you please accept £XX per month. If interest or other charges are being added to the account, I'd be grateful if you would freeze these so that the debt does not increase. Should my circumstances improve I'll get back in touch with you again.

Thank you for your assistance, I look forward to hearing from you as soon as possible.Yours faithfully,

[elishas]

Re: Apex Credit Mgt... my debt has been wiped from my credit file

I've just seen this thread, I was away from LB when you posted it.

The default is supposed to stay in place for 6 years, the reason for its early disappearance could be because the debt has been sold to another DCA which will eventually re-record it under their name, however, it should still drop off in 2015 (should it reappear).

Sadly, because you took the loan in 2009, it's likely to be enforceable. If you stopped paying they could take you to court and get a CCJ. What you could do is try to offer them a lower monthly payment, £200 is a bit steep. You could send something like this, obviously saying you are trying to save up a deposit is probably best left out from the reasons. :thumb:

Was there any PPI on the loan?

Hi there,

Thank you for your reply, I have checked the ppi & I did not take it out with the loan. I will do as you suggested & hope they will accept a lesser payment! I really hope it doesnt reappear on my credit report, well at least until after I buy a house/get a mortgage!

thanks again for your reply